Changes in consolidated shareholders’ equity
| 
 | Share capital | Treasury shares | Capital reserves | Retained earnings | Accu- mulated translation differences | Shareholders' equity excluding minorities | Minorities | Total share- holders' equity | 
| CHF thousand | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
| 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
| Equity at 1 January 2018 | 7,391 | –15 | 202,004 | 511,625 | 5,498 | 726,503 | 42,953 | 769,456 | 
| 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
| Group earnings | 
 | 
 | 
 | 13,893 | 
 | 13,893 | 2,429 | 16,322 | 
| Effect of currency translation | 
 | 
 | 
 | 
 | –4,090 | –4,090 | –194 | –4,284 | 
| Dividends | 
 | 
 | 
 | 
 | 
 | - | –1,065 | –1,065 | 
| Purchase/sale of treasury shares | 
 | –7 | 4 | 
 | 
 | –3 | 
 | –3 | 
| Changes in consolidation | 
 | 
 | 
 | –10,344 | 
 | –10,344 | 36,860 | 26,516 | 
| Equity at 31 December 2018 | 7,391 | –22 | 202,008 | 515,174 | 1,408 | 725,959 | 80,983 | 806,942 | 
| 
 | Share capital | Treasury shares | Capital reserves | Retained earnings | Accu- mulated translation differences | Shareholders' equity excluding minorities | Minorities | Total share- holders' equity | 
| CHF thousand | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
| 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
| Equity at 1 January 2019 | 7,391 | –22 | 202,008 | 515,174 | 1,408 | 725,959 | 80,983 | 806,942 | 
| 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
 | 
| Group earnings | 
 | 
 | 
 | 46,383 | 
 | 46,383 | 4,017 | 50,400 | 
| Effect of currency translation | 
 | 
 | 
 | 
 | –3,821 | –3,821 | –2,022 | –5,843 | 
| Dividends | 
 | 
 | –3,695 | 
 | 
 | –3,695 | –1,176 | –4,871 | 
| Purchase/sale of treasury shares | 
 | –196 | 7 | 
 | 
 | –189 | –62 | –251 | 
| Changes in consolidation | 
 | 202 | 
 | –202 | 
 | - | –1,335 | –1,335 | 
| Purchase/sale of minorities | 
 | 
 | 
 | 170 | –24 | 146 | –700 | –554 | 
| Equity at 31 December 2019 | 7,391 | –16 | 198,320 | 561,525 | –2,437 | 764,783 | 79,705 | 844,488 | 
The share capital consists of 7,390,968 fully paid-up registered shares, each with a nominal value of CHF 1.00.